COMPROMISE AGREEMENT

Know All Men By These Presents:

This AGREEMENT made and entered into on this ____ day of
__________________, 2007 at ________________, Philippines, by and
between:
CHARIOT TRAILER LEASING CORP.
(CTLC herein for brevity), a domestic corporation
duly organized and existing under the laws of the
Republic of the Philippines, with office address at the
Room 111-B Mercantile Insurance Building,
Gen. Cor. Beaterio Sts., Intramuros, Manila,
represented herein by its GM, NOEL M.
BUMANGLAG, & hereinafter referred to as the
FIRST PARTY;
-AndG & G FREIGHT PHILIPPINES, INC., a
domestic corporation duly organized and existing
under the laws of the Republic of the Philippines, with
office address at Lot 1234, Block 2, Phase 3, DagatDagatan Avenue., Caloocan City, and duly
represented herein by its General Manager, MS
GIRLIE E. GAN, hereinafter referred to as the
SECOND PARTY;
WITNESSETH : That
WHEREAS, the SECOND PARTY has an outstanding obligation to the
FIRST PARTY in the total amount of ONE HUNDRED FORTY TWO
THOUSAND FIVE HUNDRED EIGHTY EIGHT PESOS and FIFTY FIVE
CENTAVOS (Php 142,588.55) representing fees and charges arising from
chassis leasing;
WHEREREAS, after several demands, SECOND PARTY neither paid nor made
any effort to reconcile with the new management of the FIRST PARTY;
WHEREAS, the FIRST PARTY thereafter filed a civil case and is therefore
the complainant in Civil Case No. 182976 CV for Sum of Money filed against
herein second party and pending before the Metropolitan Trial Court of Manila,
Branch 25;
WHEREAS, in order to save time and from the inconvenience a court
litigation may bring, both parties have finally come to an agreement to settle this
matter amicably and extrajudicially, thus they now enter into this Compromise
Agreement.
NOW THEREFORE, for and in consideration of the foregoing, both
parties have agreed on the following terms and conditions, to wit:

Page 2 of 3, Compromise Agreement (CTLC & G & G Freight Phils,, Inc.)

1) The FIRST PARTY has granted the SECOND PARTY a ____ % per
cent discount from the total obligation of Php 142,588.55, thereby
resulting to a remaining ___% outstanding amount or equivalent to
PESOS : THIRTY THOUSAND (Php 30,000.00);
2) WHEREAS, SECOND PARTY agrees to pay to the FIRST PARTY
the total sum of THIRTY THOUSAND (Php 30,000.00) PESOS.
Said amount shall be paid in SIX (6) equal monthly payments
duly covered by post-dated checks, which will be due on the following
dates, to wit:
May 10, 2007
June 10, 2007
July 10, 2007
Aug 10, 2007
Sept. 10, 2007
Oct. 10, 2007

Php 5,000.00
5,000.00
5,000.00
5,000.00
5,000.00
5,000.00

MBTC Chk # 0112050751

52
53
54
55
56

3) Said PDCs shal be tendered by the SECOND PARTY to the FIRST

PARTY IMMEDIATELY UPON THE EXECUTION OF THIS agreement
and the SECOND PARTY assumes full obligation to the FIRST PARTY
that funds thereof be made available on the due date/s thereof
without need of further demand s from the FIRST PARTY;
4) After the execution of this Agreement and upon payment by the
SECOND PARTY, the FIRST PARTY shall file the necessary Motion to
the Court to withdraw its pending case filed against the SECOND
PARTY without prejudice to its right to refile the case in case of noncompliance by the SECOND PARTY;
5) Both parties agree that this Agreemen t shall constitute as the
DECISION of the Honorable Court on the aforesaid pending case.
IN WITNESS WHEREOF, both parties have hereunto set their hands
this _____ day of __________________, 2007 at _____________,
Philippines.
CHARIOT TRAILER LEASING CORP.
FIRST PARTY

G & G FREIGHT PHILS. , INC.

SECOND PARTY

BY:
NOEL M. BUMANGLAG
General Manager

GIRLIE GAN
General Manager

Page 3 of 3, Compromise Agreement (CTLC & G & G FREIGHT PHILS,, INC.)

Witnesses
______________________

_________________________

ACKNOWLEDGMENT
Republic of the Philippines}
City of _____________ } s. s.
BEFORE ME, a notary public for and in the City of _______________ on
this ___ day of _________________, 2007, personally appeared
NAME

CTC #

ISSUED AT/ON

CHARIOT TRAILER LEASING CORP.

NOEL BUMANGLAG
GIRLIE GAN
G & G FREIGHT PHILS., INC.
All known to me and to me known to be the same persons who executed
the foregoing instrument and acknowledged before me that the same is their
free act and voluntary deed.
This instrument, consisting of 3 pages, including the page on which this
acknowledgment is written, which has been signed on the left margin of each
and every page thereof by the contracting parties and their witnesses, and
sealed with my notarial seal.
IN WITNESS WHEREOF, I have hereunto set my hand, the day, the
year, and the place above written.
NOTARY PUBLIC
Doc. No. ____;
Page No. ____;
Book No.____;
Series of 2007.